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In May 2015, the EBRD committed a €3.7 million loan to modernise Yerevan’s street lighting system by introducing new energy-efficient technologies that will benefit the city’s residents. In October 2015, the Bank, the Ministry of Finance of Armenia and the Municipality of Yerevan city signed an agreement to allocate a co-financing grant of €1.9 million to support the modernisation of street lighting in the city of Yerevan. The grant, provided by the E5P fund, will help to make the lighting more efficient and environmentally friendly.

The current street lighting network of Yerevan consists of old, inefficient and environmentally polluting mercury-based lights. The heavy metal-based content of the current lighting system contributes to energy waste and is a considerable environmental hazard. Due to the antiquated condition of the current system and the high percentage of lights that are not working, large parts of the city are not sufficiently illuminated.

The project will help to introduce new energy-efficient LED lighting, a control and monitoring system, pole replacement and renovation as well as power cable replacement. This will result in better service quality and improved environmental standards due to reduced energy consumption and the minimisation of operating and maintenance costs.

Better-lit streets will also be safer for pedestrians and motorists alike. The new LED lighting is expected to cut the cost of energy consumption by 64 per cent and will result in annual electricity cost savings for the municipality.